Modulus Hires UBS Banker Sandeep Agarwal To Run Private Credit Business
Modulus Alternatives is backed by former Standard Chartered Asia chief Jaspal Bindra and Alok Agarwal, the ex-chief financial officer at Reliance Industries Ltd.
India’s Modulus Alternatives Investment Managers hired a veteran banker from UBS Group AG to lead its private credit business, according to people familiar with the matter, as demand for talent in the sector heats up.
Sandeep Agarwal joined the local private credit firm earlier this year as chief executive officer, said the people, who asked not to be identified as the information is not yet public.
Agarwal previously headed the Mumbai branch of UBS, according to his LinkedIn profile. He has nearly three decades of experience spanning private credit, fixed income and investment banking and has held roles at Credit Suisse Group AG, JPMorgan Chase & Co., and Deutsche Bank AG.
The Asia-Pacific private credit market is projected to reach $92 billion by 2027, up from $59 billion in 2024, according to the Alternative Investment Management Association. India, Australia, Japan, and Singapore are leading the region’s growth, the association said in a November report.
Modulus Alternatives is backed by former Standard Chartered Asia chief Jaspal Bindra and Alok Agarwal, the ex-chief financial officer at Reliance Industries Ltd. The position opened after Rakshat Kapoor left in June to join Motilal Oswal Financial Services to head their private credit business.
Modulus did not immediately reply to Bloomberg’s email seeking comment. Agarwal did not reply to a text message seeking comment.
Across its credit platform, Modulus has deployed around 30 billion rupees ($333 million). So far, it has launched two private credit funds generating returns in the range of 16-17%, according to its website.
